- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Is there a new PPP hustle going around?
Posted on 5/24/21 at 11:07 am
Posted on 5/24/21 at 11:07 am
Apparently there are a lot of people who didn't have a business prior to March 2020 getting PPP loans as sole proprietors and independent contractors. A good friend of mine, who lives in a low income community, called me over the weekend asking me what I knew about PPP and if he should apply. I asked him if he had a business, and he said no, but that doesn't matter. He said a lot of people around his area have been getting them lately after meeting with a CPA setting them up as a sole proprietor barber or farmer and that they are getting 20k and it would be forgiven if they pay themselves.
I started looking into various PPP sites to see who has gotten them and sure enough, there have been a ton of sole proprietor loans given out in the last month or two to people, and the dead giveaway was the people with the same last name.
Example, I searched Gatlin and found this:
Searched the name Gatlin
Try searching richardson, then scroll to the bottom so you get more recent loan information. You will see an interesting trend of first names that makes you start to believe what my buddy told me.
Those are the only two names I've tried so I stopped to get OT input. Is this a thing or am I trippin balls?
I started looking into various PPP sites to see who has gotten them and sure enough, there have been a ton of sole proprietor loans given out in the last month or two to people, and the dead giveaway was the people with the same last name.
Example, I searched Gatlin and found this:
Searched the name Gatlin
Try searching richardson, then scroll to the bottom so you get more recent loan information. You will see an interesting trend of first names that makes you start to believe what my buddy told me.
Those are the only two names I've tried so I stopped to get OT input. Is this a thing or am I trippin balls?
Posted on 5/24/21 at 11:08 am to Bazzatcha
If money is involved, then the answer is always yes
This post was edited on 5/24/21 at 11:09 am
Posted on 5/24/21 at 11:09 am to Bazzatcha
quote:speaking of dead how many of those ppp loans are for dead people?
and the dead giveaway was the people with the same last name.
Posted on 5/24/21 at 11:09 am to Bazzatcha
quote:
He said a lot of people around his area have been getting them lately after meeting with a CPA setting them up as a sole proprietor barber or farmer and that they are getting 20k and it would be forgiven if they pay themselves.
If they weren't in business in 2019 or 2020 then it's fraud.
Posted on 5/24/21 at 11:10 am to Bazzatcha
quote:
PPP hustle
quote:
friend of mine, who lives in a low income community
Just come out and say it baw.
Posted on 5/24/21 at 11:10 am to Bazzatcha
Yes, there are a lot of people trying to fraudulently obtain PPP loans and then trying to withdraw the money in cash at banks. Luckily most banks are freezing the accounts and not allowing the money to be withdrawn without additional documentation.
Posted on 5/24/21 at 11:11 am to Bazzatcha
I imagine this is going to lead to lots of prosecutions. It's just way too easy for USA's not to get plenty of convictions. All they have to show is that you didn't operate the business prior to spring 2020 (iirc) and you're dead to rights. Then the USAs get to proclaim they're fighting fraud, which both sides of the public support overwhelmingly
Posted on 5/24/21 at 11:11 am to Bazzatcha
But let us spend more money finding those Trump supporters who walked into the Capital Building instead of finding real criminals.
Posted on 5/24/21 at 11:11 am to lsufan1971
quote:
If they weren't in business in 2019 or 2020 then it's fraud.
Like that will matter.
Posted on 5/24/21 at 11:12 am to lsufan1971
quote:
If they weren't in business in 2019 or 2020 then it's fraud.
Is it fraud if the government is encouraging the practice?
Posted on 5/24/21 at 11:15 am to Bazzatcha
I’ve heard truckers getting $20-30k right after setting up an LLC.
Oh and the freight market is better that it’s been in 10+ years.
Owner ops have gotten $50k+ after having record years.
Oh and the freight market is better that it’s been in 10+ years.
Owner ops have gotten $50k+ after having record years.
This post was edited on 5/24/21 at 11:17 am
Posted on 5/24/21 at 11:15 am to Bazzatcha
quote:
He said a lot of people around his area have been getting them lately after meeting with a CPA setting them up as a sole proprietor barber or farmer and that they are getting 20k and it would be forgiven if they pay themselves.
I assume this is their CPA? Prepare thy anus for the IRS.
Posted on 5/24/21 at 11:16 am to Bazzatcha
The first ppp was basically honor system. The second tranche, the one in effect now, you have to document that your business income for one quarter of last year was at least 25% lower than the corresponding quarter the previous year. I may be slightly off in detail but that's essentially it. Obviously if it's a brand new business you don't qualify. Sounds like the cpa is inducing them to commit fraud.
Posted on 5/24/21 at 11:19 am to lsufan1971
quote:
If they weren't in business in 2019 or 2020 then it's fraud.
If you existed in 2019 and 2020, you're a sole proprietership.
As far as CDFI PPP is, that is.
Posted on 5/24/21 at 11:21 am to Meauxjeaux
quote:
If you existed in 2019 and 2020, you're a sole proprietership.
What if you haven't filed a Schedule C in 2019 or 2020?
Posted on 5/24/21 at 11:23 am to GetCocky11
quote:
What if you haven't filed a Schedule C in 2019 or 2020?
You use preliminary numbers from their template.
Posted on 5/24/21 at 11:24 am to idlewatcher
It just seems really easy to detect fraud with this program.
Posted on 5/24/21 at 11:24 am to Bazzatcha
I can guarantee you the Secret Service, FBI, IRS-Criminal Intelligence, TIGDA (Treasury Department OIG), and other Feds are actively investigation PPP fraud cases.
Posted on 5/24/21 at 11:26 am to GetCocky11
quote:
It just seems really easy to detect fraud with this program.
It is.
Popular
Back to top
Follow TigerDroppings for LSU Football News